A Public key is a long string of numbers and letters that is used to identify you on a blockchain network. It is generated from a private key, which is a secret number that you keep safe.
It is safe to share the public key with others, as it does not compromise the security of the wallet. Think of it as sharing your bank account number with someone who wants to send you money. The public key enables others to send cryptocurrency to your wallet.
How is the Public Key Used?
When someone wants to send you cryptocurrency, they will need your wallet’s public key. They enter the public key as the recipient’s address when initiating the transaction. The public key acts as a destination for the funds and ensures that the cryptocurrency is sent to the correct wallet.
Address Formats
Different cryptocurrencies may have different address formats for their public keys. For example, Bitcoin addresses start with a “1” or “3,” while Ethereum addresses begin with “0x.” These formats help distinguish between different types of cryptocurrencies and ensure compatibility within their respective networks.Understanding the distinction between public and private keys is important for securely managing and interacting with cryptocurrencies through a wallet
